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GOP leader concedes tax cuts may not pay for themselves as 2019 deficit grows
Kevin M. Kruse RetweetedI’d say Arthur Laffer was rolling in his grave, but no, he’s awaiting his Presidential Medal of Freedom.Daniel Schultz added,
The Washington Post
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GOP leader concedes tax cuts may not pay for themselves as 2019 deficit grows
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Economy
GOP leader concedes tax cuts may not pay for themselves as 2019 deficit grows
By Heather Long, Economics correspondent
June 11 at 4:57 PM
Rep. Kevin Brady (R-Tex.), a lead architect of the GOP tax bill, suggested Tuesday the tax cuts may not fully pay for themselves, contradicting a promise Republicans made repeatedly while pushing the law in late 2017.
Pressed about what portion of the tax cuts were fully paid for, Brady said it was “hard to know."
“We will know in year 8, 9 or 10 what revenues it brought in to the government over time. So it’s way too early to tell,” said Brady at the Peterson Foundation’s annual Fiscal Summit in Washington D.C.
The federal government’s deficit typically shrinks during strong economic times, but the deficit is up nearly 40 percent so far this fiscal year, according to the latest Congressional Budget Office report released Friday.
[Trump vowed to eliminate the debt in 8 years. He’s on track to leave it at least 50 percent higher.]
....
Heather Long is an economics correspondent. Before joining The Washington Post, she was a senior economics reporter at CNN and a columnist and deputy editor at the Patriot-News in Harrisburg, Pa. She also worked at an investment firm in London. Follow https://twitter.com/byHeatherLong
GOP leader concedes tax cuts may not pay for themselves as 2019 deficit grows
By Heather Long, Economics correspondent
June 11 at 4:57 PM
Rep. Kevin Brady (R-Tex.), a lead architect of the GOP tax bill, suggested Tuesday the tax cuts may not fully pay for themselves, contradicting a promise Republicans made repeatedly while pushing the law in late 2017.
Pressed about what portion of the tax cuts were fully paid for, Brady said it was “hard to know."
“We will know in year 8, 9 or 10 what revenues it brought in to the government over time. So it’s way too early to tell,” said Brady at the Peterson Foundation’s annual Fiscal Summit in Washington D.C.
Link to tweet
The federal government’s deficit typically shrinks during strong economic times, but the deficit is up nearly 40 percent so far this fiscal year, according to the latest Congressional Budget Office report released Friday.
[Trump vowed to eliminate the debt in 8 years. He’s on track to leave it at least 50 percent higher.]
....
Heather Long is an economics correspondent. Before joining The Washington Post, she was a senior economics reporter at CNN and a columnist and deputy editor at the Patriot-News in Harrisburg, Pa. She also worked at an investment firm in London. Follow https://twitter.com/byHeatherLong
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And people vote for this guy? 
